Exclusive: Siemens Buys New Jersey Base
The company first signed a lease at the property in 2022.
Image courtesy of Yardi Matrix
Siemens has purchased the 404,515-square-foot office building at 2 Gatehall Drive in Parsippany, N.J. for $21 million, or roughly $52 per square foot, according to Yardi Matrix information. A private individual sold the asset.
The Class B asset previously traded in 2025 for $17.8 million, or $44 per square foot, the same data provider shows.
Completed in 1985 on a 19-acre site, the building features 101,129-square-foot floorplates across four levels. Siemens has been a tenant at the property since 2022, when the company signed a 43,000-square-foot lease with SRG2 Partners—previously known as Silverman Realty Group Inc. Other tenants include software companies Oli Systems Inc. and Ricoh Printing Systems America Inc.
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The low-rise is just off New Jersey State Route 10, close to the interchange with U.S. Route 202. Downtown Newark, N.J., is less than 24 miles southeast.
New Jersey office sales keep steady
In the first quarter of this year, New Jersey registered $164 million in office investment activity, according to a Yardi Matrix report, with assets trading at an average price of $113 per square foot. The total sales figure positioned the market in the second half of the 25 top U.S. markets tracked by the data provider, between Denver, Colo. ($188 million) and Philadelphia ($139 million).
Nationally, investment sales during the same timeframe amounted to $12.7 billion, with assets changing hands at an average price of $220 per square foot. Class B office properties continue to trade close to the $150 per-square-foot mark since the first quarter of 2023. Meanwhile, though slightly cheaper, Class C assets are rapidly approaching the same figure as Class B ones, while Class A and A+ office buildings sell above $200 per square foot.
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